Financing Structure and Enterprise Value

-China Real Estate A-share Listed Companies as an Example

DOI

10.2991/978-94-6463-710-6_12How to use a DOI?

Keywords

Financing Structure; Enterprise Value; Listed Real Estate Companies

Abstract

The financing structure holds substantial theoretical and practical significance as a research topic. As a key driver and foundational sector of the national economy, the real estate industry plays a crucial role in economic development. Investigating the influence of financing structure on enterprise value carries profound implications for both societal and economic progress. This study examines 96 real estate companies listed on the Shanghai and Shenzhen stock exchanges within China’s A-share market from 2013 to 2022. It evaluates their financing structures from three perspectives: debt financing, equity financing, and endogenous financing. Enterprise value is assessed using Tobin’s Q, aiming to analyze the relationship between financing structure and enterprise value.

The results reveal that short-term debt ratio, long-term debt ratio, and bank borrowing ratio are negatively associated with enterprise value. Conversely, the impact of commercial credit financing ratio on enterprise value is relatively insignificant. On the other hand, equity financing ratio and endogenous financing ratio exhibit a positive correlation with enterprise value. Based on these findings, this paper proposes strategies for optimizing financing structures, diversifying financing channels, and strengthening bankruptcy awareness.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Xianhui Deng
AU  - Qiong Deng
PY  - 2025
DA  - 2025/05/14
TI  - Financing Structure and Enterprise Value
BT  - Proceedings of the 2025 4th International Conference on Big Data Economy and Digital Management (BDEDM 2025)
PB  - Atlantis Press
SP  - 92
EP  - 98
SN  - 1951-6851
UR  - https://doi.org/10.2991/978-94-6463-710-6_12
DO  - 10.2991/978-94-6463-710-6_12
ID  - Deng2025
ER  -